According to new data from UK Finance , 17% of UK SMEs cannot always spot the telltale signs of online fraud .
The organization created a “Can you spot fraud?” quiz for small business owners. Designed in partnership with Amazon, it screens participants through scam emails and phone callsthat employees might encounter during a busy day at the office.
This is a simulation exercise designed to show how scammers use various channels and various methods to target their victims.
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More than 7,000 respondents have taken the quiz so far, according to UK Finance. Most were able to spot impersonation scams, where fraudsters pretended to be trusted contacts. However, one in 10 were unable to spot a commission-related scam.
During the quiz, the participant receives a phone call from a scammer pretending to be a legitimate supplier. The scammer asks to place a large order, but without going through the formal form filling process.
UK Finance says this exercise is essential so that employees in small and medium-sized businesses learn to recognize threats before it's too late. Fraudsters impersonate a trusted organization or individual and trick the victim into sending money to an account controlled by the criminals.
UK Finance claimed that cybercriminals stole £42.6 million through such scams in the first six months of 2023 alone.
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He warned that small and medium-sized businesses are an increasingly popular target for hackers, as their bank accounts have more money than the average consumer, but at the same time they do not have as many security measures in place as larger businesses.
David Raw, an executive at UK Finance, explained that small and medium-sized businesses are the lifeblood of the UK economy and therefore need to be given more protection.
“As criminals develop increasingly sophisticated ways to overcome business defenses, many smaller companies often don’t have the same security resources as their larger counterparts. This means they need to be vigilant,” he added.
“If you own or work for a small business, remember: when making larger payments, always check the details with your supplier directly through trusted channels .You can also take the Take Five to Stop Fraud to get more tips and arm yourself with knowledge to fight fraud.“.
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One of the key pieces of advice for small businesses is to be cautious and cautious in all transactions they make. They should carefully review the offers and opportunities they receive, checking the reliability of shippers and suppliers.
Another important factor is staff training. Small businesses should invest in training their employees to keep them informed about the latest fraud and teach them how to detect and avoid them. With proper training, staff will be more familiar with the signs that indicate a fraud and will be able to react effectively.
Additionally, small businesses must implement strict security to protect their data. They must implement strong and up-to-date security systems and use reliable antivirus software.
Source: www.infosecurity-magazine.com
